"Analyzing the Factors Behind Today's Major Cryptocurrency Market Downturn"
Originally Published 2 years ago — by CoinDesk
Bitcoin experienced a significant drop, trading just above $43,000, after a leverage flush caused by a Matrixport report and high funding rates led to $560 million in leveraged long positions being liquidated. The market downturn also affected other major tokens like SOL, ETH, and ADA. The Federal Reserve's minutes suggest interest rate cuts in 2024, which could impact Bitcoin's future value. Meanwhile, Goldman Sachs is in discussions to become an authorized participant for upcoming bitcoin ETFs by BlackRock and Grayscale. Market volatility is expected to continue, as indicated by rising volatility indexes across different financial sectors.